(Yicai Global) June 5 -- Shares of Golden Laser quickly fell back from this morning's surge after the Shenzhen Stock Exchange asked the Chinese laser-cutting machine maker to further explain its plans to purchase a client firm, founded by the actual controller's son, that makes "blind boxes," a retail sensation that started from Japan.

Golden Laser's stock price [SHE:300220] slid by 3.2 percent to CNY56.20 (USD7.90) by 10.40 a.m. after jumping to CNY62.05 soon after opening.

The SZSE requires Golden Laser to give more details about its investing intentions and business model, the bourse said in a statement this morning.

Golden Laser will purchase Doll No. 1 Wuhan Technology, which makes toys and collectibles that are presented to buyers in mystery packages via IP Station vending machines, the Wuhan-based buyer said in a statement yesterday, without disclosing the size of the stake or the price.

The announcement came on the heels of blind-box rival Pop Mart Culture and Creative's prospectus, published on June 1. That revealed that the Beijing-based firm nearly quadrupled its net profit to CNY451 million (USD63.4 million) last year from 2018. Its operating income more than tripled to CNY1.7 billion (USD236.1 million).

Japanese blind boxes have become somewhat of a collectors' phenomenon as many hunt for certain types of cartoon figurines and receive just that or miscellaneous items such as replicas of food or weapons, offered via vending machines or comic book shops.

Founded in 2016, Doll One sells its products solely via vending machines in Chinese shopping malls and cinemas. The founder of the company holds nearly 56 percent of the target firm's equity while his father, the actual controller of Golden Laser, has a bit more than 22 percent.

Established in 2005, Golden Laser started making smart vending machines for Doll No. 1 since 2018. Last year, such business brought it CNY23.4 million (USD3.3 million) in revenue, making up nearly 11 percent of its total, according to its earnings report.

Editor: Emmi Laine